Legal Question in Tax Law in California

Re: Calif Prop 13

Currently, some taxpayer would appreciate the chance to have their property reappraised for prop 13 purposes. The value of certain homeowners' property (those who purchased their home during the last 5 years or so) may have a prop 13 value in excess of market value. In those cases such home owners can seek a prop 8 reduction in their valuation.

I say this to suggest that you double check the value of the property currently as compared to the prop 13 assessed value to make sure you want to carry over the prop 13 value.

In most California counties a prop 13 value can be carried over to a new owner who is a family member of the prior owner. However, the rules do differ from county to county. For example in the bay area, Alameda and Contra Costa counties are generous in determining which family members can carry over a prop 13 value while Marin County is quite stingy. Thus, you need to check your county rules.